Lion One Intersects 17.52 g/t Gold over 23.7m in Deep Zone 500 Drilling at Tuvatu Alkaline Gold Project in Fiji

Lion One Intersects 17.52 g/t Gold over 23.7m

in Deep Zone 500 Drilling at Tuvatu Alkaline

Gold Project in Fiji

North Vancouver, British Columbia--(Newsfile Corp. - November 7, 2022) -

Lion One Metals Limited

(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)

("Lion One" or the "Company")

is pleased to announce

results from hole TUDDH 608 as part of its ongoing deep drill program in definition of the "500" zone.

Exceptional results include 23.7 meters (m) averaging 17.52 g/t gold with a horizontal true width of

10.4m. Mineralized intervals are inclusive of several bonanza-grade intercepts.

This hole is consistent

with Lion One's geological model of a robust Alkalic gold system with increasing gold grade at depth.

Highlights

A deep high-grade intercept of 17.52 g/t Au over 23.7m with 10.4m true width from TUDDH 608

Targeting intersection of

TUG 141

(20.86 g/t Au over 76.9m) and

TUDDH 601

(12.22 g/t Au over

54.9m)

Structural interpretation for a deep high grade feeder system taking shape in Zone 500

TUDDH 608 - select high grade intercepts

From m

To m

Intercept m

Grade g/t Au

594.5

618.2

23.70

17.89

594.5

614.1

19.60

21.16

596.7

603.1

6.40

42.58

596.7

597.9

1.20

85.10

599.8

600.4

0.60

108.31

Lion One Senior Vice President Exploration Sergio Cattalani commented "By drilling at a high angle

across the TUG 141 (20.86 g/t gold over 76.9m) / TUDDH 601 (12.22 g/t Au over 54.9m) high-grade

zone, TUDDH 608 was able to provide valuable information on the width and continuity of this zone. The

outstanding results obtained of 17.52 g/t gold over 23.7m corresponds to a horizontal true width of

10.4m, which is approximately seven times the estimated average mining width, and at a grade that is

nearly twice the average grade of the existing resource. The significance of this zone and its likely

contribution to the increase in overall contained ounces cannot be overstated, as the extent of this zone

may be much greater than previously thought. We are currently drilling several additional holes to test the

possible plunge extent estimated by oriented core structural measurements. We will continue to report

additional results as they become available."

Hole TUDDH 608 (azimuth: 089°, dip: -64°), drilled from west to east, was designed drill across the high-

grade zone identified in two directions by TUG 141 and TUDDH 601 (Figures 1, 2). With the completion

of TUDDH 608 we can now better understand the true horizontal width and potential volume of the

bonanza-grade feeder zone. The results are outstanding with 23.7m drilled width at 17.5 g/t gold,

including 19.6m of 20.7 g/t gold (Figures 3-10). The horizontal true width of the zone at the drilled

location is 10.4m (Figure 1). Lion One regards the confirmation of the high-grade feeder zone initially

identified by TUG 141 and TUDDH 601 as transformational in that it confirms both continuity and implies

extensive volume of the mineralized feeder zone below the current resource. Mineralization in TUDDH

608 extends from 594.5m to 618.2m (Table 1).

These results are part of ongoing exploration, infill, and grade-control drill programs.

They complement

the excellent results obtained by both the metallurgical and infill drill programs completed earlier this year

and reported on October 4, 2022

Lion One Drills Exceptional High-Grade Intersections as Part of

Metallurgical Drill Program

, and February 23, 2022

Lion One Reports Additional High-Grade Intercepts,

Completes Phase 1 Infill Drill Program at Tuvatu

. The additional results from this on-going program

reported here will be applied to the ongoing remodeling of the Tuvatu orebody that will inform the

resource update and PEA scheduled for Q1 2023.

Lion One CEO Walter Berukoff commented "We look forward to further definition of the "Jewel box"

dilatational feeder zone that we have been drilling out beneath the existing resource starting from surface

at Tuvatu.

This hole provides outstanding results for us as it continues to lend credence and proof-of-

concept to the thesis of a deeper, very high-grade, feeder-style zone at depth. We continue to add

enormous value to the mine as well as the critical exploration upside with the drill bit.

We are defining

what looks to be the next major high-grade discovery and world-class gold deposit right here in Fiji. We

look forward to further results in very near future."

Assay Data for TUDDH 608

Drill Hole

Easting

Northing

Elevation

Azimuth

Dip

Length (m)

TUDDH 608

1876280.4

3920472.4

286.5

89

-64

678.1

Drill Hole

From (m)

To (m)

Interval (m)

Au (g/t)

TUDDH 608

38.0

38.6

0.6

1.04

263.8

264.4

0.6

0.79

285.1

285.7

0.6

0.69

493.6

493.9

0.3

3.08

503.2

510.0

6.8

2.45

Including

506.7

507.3

0.6

10.50

511.2

515.7

4.5

1.45

517.8

518.1

0.3

1.09

519.3

523.2

3.9

1.50

557.1

557.7

0.6

9.09

Including

557.1

557.4

0.3

11.65

Including

557.4

557.7

0.3

6.52

559.2

559.8

0.6

3.03

571.4

572.6

1.2

9.42

Including

571.4

572.0

0.6

17.03

Including

572.0

572.6

0.6

1.80

576.5

577.4

0.9

0.51

594.5

618.2

23.7

17.89

Which Includes

594.5

614.1

19.6

21.16

Also Including

596.7

603.1

6.4

42.58

Including

596.7

597.9

1.2

85.10

Including

597.9

598.6

0.7

9.42

Including

598.6

598.9

0.3

8.38

Including

598.9

599.2

0.3

11.44

Including

599.2

599.5

0.3

6.98

Including

599.5

599.8

0.3

36.39

Including

599.8

600.4

0.6

108.31

Including

600.4

600.7

0.3

21.69

Including

600.7

601.7

1.0

13.54

Including

601.7

602.2

0.5

23.21

Including

602.5

603.1

0.6

80.02

and

603.1

603.7

0.6

7.05

Including

603.7

604.0

0.3

11.98

Including

606.0

606.6

0.6

54.54

Including

606.6

607.2

0.6

12.00

Including

607.2

607.8

0.6

8.30

Including

607.8

608.4

0.6

29.57

Including

609.3

609.6

0.3

24.31

Including

610.2

610.8

0.6

10.85

Including

610.8

611.1

0.3

7.54

Including

611.4

612.1

0.7

45.02

Including

612.1

612.9

0.8

13.31

and

612.9

613.8

0.9

0.54

and

613.8

614.1

0.3

1.87

and

614.1

616.1

2.0

<0.5

616.1

618.2

2.1

4.26

Including

616.1

616.7

0.6

11.72

Including

616.7

617.5

0.8

1.87

Including

617.5

618.2

0.7

0.59

670.2

670.5

0.3

1.05

Figure 1:

Tuvatu Alkalic gold mine. Blue shapes are areas of known mineralization that define the

current resource. Note the trifecta of holes that delineate, in 3 different orientations, the 10.4m true width

of the "Jewel Box" high-grade zone (Brown =>10 g/t Au) which occurs within the larger high-grade 500

feeder zone

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/143271_01ab336bd4c69bc8_001full.jpg

Figure 2:

Closer view of the lower portion of Figure 1, depicting the

orientation of selected drill holes

that define a coherent high-grade portion within the high-grade 500 Zone mineralization entirely below

the current resource.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/143271_01ab336bd4c69bc8_002full.jpg

Figure 3:

TUDDH 608. Visible gold at 571.5m. Grade: 17.03 g/t Au

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/143271_01ab336bd4c69bc8_003full.jpg

Figure 4:

TUDDH 608. Mineralized Andesite core at 596.7-597.9m. Grade: 85.41 g/t Au over 1.2m

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/143271_01ab336bd4c69bc8_004full.jpg

Figure 5:

TUDDH 608. Gold-bearing mm scale veins at 599.5m. Grade: 36.39 g/t Au

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2178/143271_01ab336bd4c69bc8_005full.jpg